Indian Overseas Bank Fined ₹2.90 Lakhs by Central Bank of Sri Lanka for Compliance Violations

Indian Overseas Bank has disclosed receiving a monetary penalty from the Central Bank of Sri Lanka (CBSL) for compliance violations at its Colombo branch. The penalty relates to non-compliance with local financial reporting regulations during a regulatory inspection conducted earlier in 2025.

Penalty Details and Violations

The Central Bank of Sri Lanka imposed a monetary penalty of ₹2.90 lakhs on the bank's Colombo branch for violations of the Financial Transactions Reporting Act, No. 6 of 2006. The violations were identified during a joint onsite inspection carried out by the Financial Intelligence Unit (FIU) and Bank Supervision Department of CBSL during the period from March 2025 to June 2025.

Parameter:	Details
Penalty Amount:	₹2.90 lakhs
Violating Act:	Financial Transactions Reporting Act, No. 6 of 2006
Inspection Period:	March 2025 to June 2025
Inspecting Authorities:	FIU and Bank Supervision Department of CBSL

Regulatory Process and Bank Response

Following the inspection findings, the regulatory authorities issued a show cause notice dated November 10, 2025. The bank responded to this notice through a letter dated November 24, 2025, detailing the measures taken to address the observations made during the inspection.

The regulator expressed satisfaction with the corrective measures implemented by the bank and formally acknowledged the bank's response in their letter dated January 5, 2026. This acknowledgment indicates that the bank has adequately addressed the compliance issues identified during the inspection.

Financial Impact and Disclosure Requirements

The bank has characterized the financial implications as not material, limiting the impact to the extent of the monetary penalty imposed. This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires listed entities to inform stock exchanges about communications from regulatory authorities.

Disclosure Requirement:	Details
Communication Type:	Disciplinary decision letter
Receipt Date:	January 6, 2026
Financial Impact:	Not material, limited to penalty amount
Regulatory Status:	Observations addressed and acknowledged

Compliance Status

The bank has confirmed that all observations made by the regulatory authorities have been duly addressed. The regulator's acknowledgment of the corrective measures indicates that the compliance issues have been resolved to the satisfaction of the Central Bank of Sri Lanka.

The disclosure demonstrates the bank's commitment to transparency in reporting regulatory communications to its stakeholders and compliance with Indian securities regulations regarding material disclosures.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.90%	-1.61%	-5.90%	-10.97%	-30.44%	+218.83%

Indian Overseas Bank has announced a significant senior management change with the appointment of Shri S. Alagarsamy as General Manager effective December 31, 2025. The bank formally communicated this development to both BSE and NSE under Regulation 30 of SEBI (LODR) Regulations, 2015.

Management Appointment Details

Shri S. Alagarsamy has assumed charge as General Manager responsible for the Accounts and EDMD (Enterprise Data Management Department) portfolios. This appointment marks his return from deputation to GIC of India to take on expanded responsibilities within the bank's core operations.

Parameter:	Details
Name:	Shri S. Alagarsamy
Position:	General Manager
Departments:	Accounts & EDMD
Effective Date:	December 31, 2025
Previous Role:	On Deputation to GIC of India

Professional Background and Qualifications

Alagarsamy brings extensive banking expertise to his new role, having joined Indian Overseas Bank in September 1991. His career spans more than 34 years in the banking industry, providing him with comprehensive experience across various banking operations and functions.

His educational and professional qualifications demonstrate a strong foundation in banking and financial services:

Qualification Type:	Details
Academic:	M.Sc.
Banking Certification:	CAIIB (Certified Associate of Indian Institute of Bankers)
Risk Management:	Certificate on Risk in Financial Services
Technology:	Certificate Programme in IT & Cyber Security for CXOs
Professional Certifications:	Certified Accounting and Audit Professional
Treasury Expertise:	Certified Treasury Professional
Credit Operations:	Certified Credit Professional

Existing Management Structure

The bank has maintained continuity in other key leadership positions. Shri Arabindra Mohan Banerjee continues as Chief General Manager with his existing portfolios covering Inspection, Audit, and Public Relations departments. Additionally, Shri B. Sathia Narayanan retains his General Manager role overseeing ITD (Information Technology Department), DCOE (Dedicated Centre of Excellence), MISD (Management Information Systems Department), and MSD (Marketing Services Department).

Regulatory Compliance

The appointment notification was submitted to stock exchanges in compliance with Regulation 30 and 51 of SEBI (LODR) Regulations, 2015, ensuring transparency in senior management changes. The communication was signed by Ram Mohan K, serving as the bank's Compliance Officer, and filed with both BSE and NSE on December 31, 2025.

This management appointment reflects the bank's commitment to leveraging experienced professionals with deep banking expertise to drive its strategic initiatives in accounts management and enterprise data operations.